# Cocolive, Inc.: business model and financials

> Latest period: FY ending May 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第10期(2025/06/01－2026/05/31) (S100YXSF)
> Page: https://vizora.meequs.com/en/company/cocolive
> Retrieved: 2026-09-30T20:58:27.036Z

## Company

Cocolive, founded in 2017, is a company in Software & SaaS listed on TSE Growth. It has 131 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Cocolive, Inc. |
| Ticker | 137A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/137A.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区神田神保町1-28-1 mirio神保町7F |
| Representative (per filing) | 代表取締役 山本 考伸 |
| Founded | Jan 2017 |
| Share capital | ¥245M |
| Employees (consolidated) | 131 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | May |
| Website | cocolive.co.jp (https://cocolive.co.jp/) |
| Corporate number | 4010401129383 |
| EDINET | E39349 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100YXSF, filed 2026-08-20). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 74.8 | 105 |
| Profitability | 56.9 | 145 |
| Cash conversion | 11.3 | 128 |
| Efficiency | 81 | 145 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- Cocolive brought in ¥1.45B in revenue.
- Out of every ¥100 of sales, about ¥14 is left as operating profit.
- Revenue changed +11.2% from the prior year, operating profit -29.3%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥1447436000 → ¥149129000
- Net income → operating cash flow: ¥149129000 → ¥120474000（difference ¥-28655000）
- Main uses of operating cash flow: CapEx ¥5230000 / dividends — / buybacks ¥24198000
- Change in cash: ¥21299000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.45B |  |
| Operating income | ¥197.6M | Margin 13.7% |
| Net income | ¥149.1M | Margin 10.3% |
| Free cash flow | ¥115.2M |  |
| Employees (consolidated) | 131 |  |
| EPS | ¥49.33 |  |
| Diluted EPS | ¥45.86 |  |
| Book value per share | ¥345.75 |  |
| Equity ratio | 86.3% |  |
| Shares outstanding | 3,060,840 |  |
| Treasury shares | 33,100 |  |
| Shareholders | 1,857 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 74.5% | Cash ÷ revenue 62.2% |
| Vs. industry median margin | +1.2 pp | Software & SaaS |
| ROE | 15.5% | Derived from disclosed figures |
| ROA | 13.2% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 75% of total assets

## What changed in 3 years

| Metric | FY ending May 2023 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥797145000 | ¥1447436000 | +81.6% |
| Operating income | ¥140323000 | ¥197636000 | +40.8% |
| Operating margin | 17.6% | 13.7% | -3.9 pp |
| Employees | 67 people | 131 people | +95.5% |
| Cash and equivalents | ¥239114000 | ¥899784000 | +276.3% |

### Change in segment revenue mix

Span: FY ending May 2023 → FY ending May 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending May 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,447 | 100.0% | S100YXSF |
| Cost of revenue | 682 | 47.2% | S100YXSF |
| Gross profit | 765 | 52.8% | S100YXSF |
| SG&A | 567 | 39.2% | S100YXSF |
| Operating income | 198 | 13.7% | S100YXSF |
| Ordinary income | 202 | 14.0% | S100YXSF |
| Pretax income | 202 | 14.0% | S100YXSF |
| Income tax | 53 | 3.7% | S100YXSF |
| Net income | 149 | 10.3% | S100YXSF |

## Per ¥100 of revenue（FY ending May 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 47 |
| SG&A | 39 |
| Operating income | 14 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 52.8% → Operating margin 13.7% → Net margin 10.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +11.2%; Core profit growth: -29.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -2.62×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending May 2025 → FY ending May 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,302 | 1,447 | 146 | +11.2% |
| Gross profit | 739 | 765 | 26 | +3.5% |
| Operating income | 280 | 198 | -82 | -29.3% |
| Operating cash flow | 221 | 120 | -101 | -45.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2023 | 797 | 140 | 17.6% | 97 | 120 | — | S100U9OJ |
| FY ending May 2024 | 1,028 | 215 | 20.9% | 150 | 158 | 157 | S100WKSO |
| FY ending May 2025 | 1,302 | 280 | 21.5% | 209 | 221 | — | S100YXSF |
| FY ending May 2026 | 1,447 | 198 | 13.7% | 149 | 120 | 115 | S100YXSF |

## People and productivity（FY ending May 2026, non-consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥11M |
| Operating income per employee (consolidated) | ¥1.5M |
| Net income per employee (consolidated) | ¥1.1M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 67 | 83 | 102 | 131 |
| Average salary (parent company) | — | ¥4.8M | ¥5.1M | ¥5.2M |
| Average age (parent company) | — | 33.7 years | 34.3 years | 34.9 years |
| Average tenure (parent company) | — | 2.4 years | 2.7 years | 3.0 years |

Year over year: Employees (consolidated) +28.4% · Revenue (consolidated) +11.2%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending May 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 120 | 8.3% | S100YXSF |
| Capital expenditure | 5 | 0.4% | S100YXSF |
| Free cash flow | 115 | 8.0% | 算出 |
| Investing cash flow | -28 | -2.0% | S100YXSF |
| Financing cash flow | -71 | -4.9% | S100YXSF |
| Share buyback | 24 | 1.7% | S100YXSF |
| Change in cash | 21 | 1.5% | S100YXSF |
| Cash and equivalents | 900 | 62.2% | S100YXSF |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 239 | 642 | 878 | 900 | S100WKSO, S100YXSF |
| Total assets | 373 | 792 | 1,058 | 1,207 | S100U9OJ, S100WKSO, S100YXSF |
| Net assets | 267 | 663 | 890 | 1,053 | S100WKSO, S100YXSF |
| Share capital | 100 | 222 | 230 | 245 | S100U9OJ, S100WKSO, S100YXSF |
| Property, plant and equipment | 1 | 0 | 0 | 5 | S100U9OJ, S100WKSO, S100YXSF |
| Current assets | 341 | 755 | 1,020 | 1,131 | S100U9OJ, S100WKSO, S100YXSF |
| Current liabilities | 105 | 129 | 168 | 154 | S100U9OJ, S100WKSO, S100YXSF |
| Total liabilities | 105 | 129 | 168 | 154 | S100U9OJ, S100WKSO, S100YXSF |
| Equity attributable to owners of parent | 267 | 663 | 887 | 1,042 | S100U9OJ, S100WKSO, S100YXSF |
| Retained earnings | 69 | 219 | 428 | 577 | S100U9OJ, S100WKSO, S100YXSF |
| Treasury stock | — | — | — | -24 | S100YXSF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 75% | S100YXSF |
| Property, plant and equipment | 0% | S100YXSF |
| Other assets | 25% | S100YXSF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 13% | S100YXSF |
| Equity | 87% | S100YXSF |

### Balance sheet history

| Metric | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 373 | 792 | 1,058 | 1,207 |
| Equity | 267 | 663 | 890 | 1,053 |
| Interest-bearing debt | — | — | — | — |
| Cash | 239 | 642 | 878 | 900 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 0.3% | S100YXSF |
| Fixed assets ÷ total assets | 0.4% | S100YXSF |
| Goodwill ÷ parent equity | — | —, S100YXSF |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 74.5% |
| Cash ÷ revenue | 62.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 61.0% |
| Cash vs. profit gap | -29 JPY mn (of net income -19.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 23.5% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 12.2% | 2.14× | 26.1% | 1.39× | 36.4% | S100U9OJ |
| 2024 | 14.6% | 1.76× | 25.8% | 1.25× | 32.3% | S100WKSO |
| 2025 | 16.1% | 1.41× | 22.6% | 1.19× | 27.0% | S100YXSF |
| 2026 | 10.3% | 1.28× | 13.2% | 1.17× | 15.5% | S100YXSF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 山本考伸 | Major shareholder | 43.2% | 2026-05-31 |
| 富田祐司 | Major shareholder | 8.3% | 2026-05-31 |
| 株式会社エアトリ | Major shareholder | 7.4% | 2026-05-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.0% | 2026-05-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 2.6% | 2026-05-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.5% | 2026-05-31 |
| ＢＢＨ ＬＵＸ／ＢＲＯＷＮ ＢＲＯＴＨＥＲＳ ＨＡＲＲＩＭＡＮ （ＬＵＸＥＭＢＯＵＲＧ） ＳＣＡ ＣＵＳＴＯＤＩＡＮ ＦＯＲ ＳＭＤ－ＡＭ ＦＵＮＤＳ － ＤＳＢＩ ＪＡＰＡＮ ＥＱＵＩＴＹ ＳＭＡＬＬ ＣＡＰ ＡＢＳＯＬＵＴＥ ＶＡＬＵＥ （常任代理人 株式会社三井住友銀行） | Major shareholder | 1.2% | 2026-05-31 |
| 山田善久 | Major shareholder | 1.0% | 2026-05-31 |
| 株式会社ＥＰＡＲＫ | Major shareholder | 0.8% | 2026-05-31 |
| ＸＴｅｃｈ１号投資事業有限責任組合 | Major shareholder | 0.7% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第10期(2025/06/01－2026/05/31) | S100YXSF | 2026-08-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YXSF,, |
| 有価証券報告書－第9期(2024/06/01－2025/05/31) | S100WKSO | 2025-08-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WKSO,, |
| 有価証券報告書－第8期(2023/06/01－2024/05/31) | S100U9OJ | 2024-08-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U9OJ,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).